"the current buffer for Beppa is now NAV + beppa liability = $1.3bil + $700mil which is about $2bil. compared with a bigger buffer a few months ago."
Remember the NAV includes BOOK values. DBCT is on the books at $1.8Bn so if it sells at $2.6Bn, you have to add back in $800M to the NAV. The buffer is actually circa $2.8Bn.
does not make sense to me, page-5
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